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Accept Bitcoin as a means of payment: Here's how it works

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Pay with Bitcoin? As an entrepreneur, if you want to accept bitcoins, that's no big deal.

Nowadays, Bitcoin payments can be integrated quickly and free of charge in every bar, restaurant, café or shop.

However, it is important not only to look at the benefits, but also to look at the potential dangers.

The interest is growing

One of the most powerful topics currently on the Internet? Cryptocurrencies.

Above all, here is the Bitcoin, the mother of all digital currencies, at the top. Bitcoin is not only a decentralized means of payment, but has also become a virtual investment object.

It doesn't matter whether you are a Bitcoin fan or a critic - the fact that there are more and more users who rely on Bitcoin as a means of payment can no longer be ignored.

In recent years, more and more people have dealt with the cryptocurrency. But many entrepreneurs are now also dealing with the virtual currency more often.

Probably also because companies that accept Bitcoin are perceived as particularly innovative. You can also enjoy increased media attention.

Ultimately, however, there are not many companies in Germany that currently accept Bitcoin.

So if you want to buy a product with cryptocurrencies, you have to check in advance whether the company even offers such a possibility.

Small business solutions

The easiest method?

The customer sends the amount to be paid to the company's wallet - this is the digital wallet. The process can be equated with a cash payment. Payment works via smartphone apps - for example with the Blockchain.info app (Android and iOS) or with the Bitcoin wallet app (Android).

Another possibility is CoinBox The entrepreneur enters the amount to be paid in this app, and a QR code is automatically generated, which the customer then scans. The amount is then automatically transferred to the entrepreneur's digital wallet.

Such solutions are especially ideal if it is a small company that still wants to offer the option of accepting Bitcoin as a means of payment without great effort.

Entrepreneurs should compare providers and products

Of course there are also software solutions for companies.

At the moment it almost looks as if new possibilities are being developed every day - there has been a real competition between the developers who are busy finding the best solution for the entrepreneur as well as the customer.

Coinify is probably one of the best-known companies that offer so-called POS solutions for ordinary shops, restaurants and bars - the Danish company's software can also be used for online shops.

In this case, the traders can be paid in euros or Bitcoin or a mix of both currencies. The app is available for Android and iOS.

At BitPay is an international payment processor for Bitcoin. BitPay can be easily integrated into POS systems using API. The fact that there are various tariffs is an advantage, so that in the end the decision on how the system is implemented remains with the company.

POS solutions for self-service machines, supermarkets, retailers and fast-food restaurants are also available from Revel. It should be noted that the DOS package starts at 3,000 US dollars - there is a monthly fee for the iPads and scanners.

The risk

If the company is dependent on cash, one must of course not ignore the fact that there is of course a certain risk if one accepts bitcoins.

If liabilities have to be paid in the national currency, for example in euros, the digital coins received must be exchanged.

However, strong fluctuations in the rates of digital currencies are not uncommon - while Bitcoin was still at 4,800 euros in the morning, it can be around 4,500 euros in the afternoon.

In the end, you will only make a profit if you have the opportunity to leave the crypto money you have taken on your side until the crypto currency Bitcoin has reached an attractive price.

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